Sale slip from 1987

Jinx86

Digging though old purchases and old bars/rounds my mother sent me. I found in the paper work a sale slip from 1987, my grandfather had sold quite a sum of PM.

128 OZ silver @ 8.65
9 OZ gold @ 450
24 OZ Sterling @ 92.5% of 8.65


Alot of money in PM back then, oh and at that time I was one year old.

jmski52

I wonder if the sale of those pms had anything to do with the stock market crash in October, 500 points in one afternoon. He may have had better uses for the money, since the precious metals market had been limping along at that time for several years.

CaptHenway

<< <i>I wonder if the sale of those pms had anything to do with the stock market crash in October, 500 points in one afternoon. He may have had better uses for the money, since the precious metals market had been limping along at that time for several years. >>



You may be right, and remember that that was 500 points off from 2200 points, not the current 10,000+!

At the time I was working in a shop about three blocks from the Chicago Board of Trade. I remember the traders running in with Krugerrands to sell to cover margin calls.

TD

jmski52

At the time I was working in a shop about three blocks from the Chicago Board of Trade. I remember the traders running in with Krugerrands to sell to cover margin calls.

TD

I encountered something similar a little over a year ago when I bought a roll of 1 oz. Gold Maples at my local B&M. He said that the homebuilders had been buying them until the housing crash. The ones he sold me then were from a homebuilder who was running negative cash flow.

While I was there, an older gal came in to sell him a roll of Kruggerands, dated mostly in the 1970's that her husband had kept for years. The interesting thing that emphasized to me is that gold doesn't spoil, and it's still liquid in both the short term and the long term.

And so it goes...

ranshdow

Crazy. Had no idea regular Joes were using gold as a reserve of such. So much for the barbarous relic!

CaptHenway

It is always liquid.

Justacommeman

<< <i>

<< <i>I wonder if the sale of those pms had anything to do with the stock market crash in October, 500 points in one afternoon. He may have had better uses for the money, since the precious metals market had been limping along at that time for several years. >>



You may be right, and remember that that was 500 points off from 2200 points, not the current 10,000+!

At the time I was working in a shop about three blocks from the Chicago Board of Trade. I remember the traders running in with Krugerrands to sell to cover margin calls.

TD >>



I was working on 5th Avenue in 87 when the market crashed. I was fearful of walking on the sidewalks when I left worked. I was constantly looking up watching for jumpers............MJ

Jinx86

Mystery solved! Gold and silver was sold to bail out family member.....hmm Ill have to dig into that some more.

OH and I found he rebought all he sold, found about half of it....grandpa had hollowed out the tops of his interior doors.
Exciting to find this stuff but kind of a pain treasure hunting in the house.

Ciccio

What interesting stories you guys are sharing, thanks!

In 1987 I was 13 and living in my small hometown in Italy.
If someone decided to jump, you could almost catch him, the higher building was 3 stories high!
And my dad had already a nice stash of gold coins and no stocks at all! Not even a bank account, just gold and US dollars.

keepdachange

<< <i>Mystery solved! Gold and silver was sold to bail out family member.....hmm Ill have to dig into that some more.

OH and I found he rebought all he sold, found about half of it....grandpa had hollowed out the tops of his interior doors.
Exciting to find this stuff but kind of a pain treasure hunting in the house. >>



I would go rent a metal detector, pronto!

roadrunner

I remember seeing the carnage on my insurance and oil stocks the day after the October crash occurred. I didn't have a broker at the time as those were all gifted to me over the years. After several calls I gave up trying to find a broker who would take my business to sell out. I figured it was the "end of the world." One broker said they couldn't even handle my trades until January because they were so busy. So I sucked it up and just let them ride into the new year......when I ended up selling most of them any ways. Bad decision. Imagine a broker today telling a potential client we can't handle your business until next year??

roadrunner

jmski52

Imagine a broker today telling a potential client we can't handle your business until next year??

You oughta try to buy a set of the 5 oz Silver Hockey Pucks if you want to re-live that experience.

I always wonder why I didn't give Chrysler stock a whirl when Iacocca got his government bailout. That was the beginning of the trend, and it's usually good to be in on the beginning of the trend, rather than where we are right now - at the end of the trend.